Whiting Petroleum Corporation Announces Third Quarter 2012 Financial And Operating Results

The Smith 34-1TFH was completed on September 26, 2012 flowing 1,480 BOE per day from a 7,530-foot lateral in the Three Forks. This well was drilled in the center of the Sanish field and was also fraced in 30 stages.

Our Bakken drilling in the Sanish field continues to yield exceptional results. The Kannianen 22-32XH was completed in the Middle Bakken flowing 3,462 BOE per day on September 6, 2012. The cross-unit well was drilled in the central portion of the field. The Pennington 21-3H was completed in the Middle Bakken on August 16, 2012 flowing 2,681 BOE per day. This well was drilled on the south-central side of the Sanish field.

Lewis & Clark/Pronghorn Prospects. Whiting’s net production from the Lewis & Clark/Pronghorn prospects averaged 12,190 BOE per day in the third quarter of 2012. This daily rate represents a 19% increase over the 10,275 BOE per day rate in the second quarter of 2012. We own 409,684 gross (268,077 net) acres in the Lewis & Clark/Pronghorn prospects. Consequently, we expect our drilling program at Lewis & Clark/Pronghorn to extend for many years.

Typifying our drilling results at Pronghorn was the completion of the Solberg 14-11PH, which flowed at an initial rate of 1,825 BOE per day from the Pronghorn Sand on September 17, 2012. The well’s 10,523-foot lateral was fraced in 30 stages. The Solberg well was drilled in the northwest portion of the prospect in Stark County, North Dakota.

Also of note were the completion results of two wells drilled off a pad. The Buckman 34-9PH flowed at an initial rate of 1,964 BOE per day while the Buckman 44-9PH was completed flowing 1,545 BOE per day. Whiting holds a 68% working interest and a 55% net revenue interest in both wells, which were each tested on September 29, 2012 and completed in the Pronghorn Sand.

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